Michael Jordan considers a new game plan, in talks to sell majority stake in Charlotte Hornets
NBA legend and Charlotte Hornets owner Michael Jordan is in talks to sell a majority stake in the basketball franchise according to ESPN
Michael Jordan, retired NBA legend and current owner of the Charlotte Hornets, is reportedly in discussions to sell the majority stake in the basketball franchise, according to ESPN. While no deal is imminent, the potential sale would see Jordan sell the largest stake in the club to a consortium led by Gabe Plotkin, minority owner of the Hornets and founder of Melvin Capital Management LP, and Rick Schnall, minority owner of the Atlanta Hawks. Jordan is expected to keep a minority stake in the Hornets if the deal goes through.
The Hornets, who are valued at $1.7 billion by Forbes, were ranked 27th out of the 30 teams in the NBA as of last October. Jordan purchased the controlling interest in the franchise in 2010 for $275 million after being a minority shareholder in the ownership group since 2006. The Hornets have never won a championship since they entered the NBA in 1988, and they have not won a playoff series since their debut as an expansion team called the Bobcats in 2004.
Despite the team's lackluster success, Jordan has been the league's only Black majority owner by virtue of owning the NBA club in his home state of North Carolina. The Hornets last reached the playoffs in 2016 and have not been able to make it to the postseason since then. This season, they are ranked 14th of 15 teams in the Eastern Conference at 22-49, on the brink of elimination from post-season play.
Jordan's potential sale of the majority stake in the Hornets comes after a group led by Mat Ishiba, CEO of United Wholesale Mortgage, purchased the Phoenix Suns for around $4 billion in December. In February, ESPN also reported that Marc Lasry, co-founder of Avenue Capital Management, was planning to sell his stake in the Milwaukee Bucks at a $3.5 billion valuation.
If the sale goes through, it will be interesting to see how it will impact the Charlotte Hornets and their future in the NBA.